United States: Dresser, Inc., a leading global energy infrastructure company majority-owned by funds managed by Riverstone Holdings LLC and First Reserve Corporation, announced that an agreement has been reached for Dresser, Inc. to be acquired by GE for $3 Billion. The deal includes all of the Dresser businesses, which provide products and services for compression, flow technology, measurement and distribution infrastructure for customers in more than 150 countries. Dresser’s extensive, global-installed base of products generate aftermarket service revenues in excess of 40 percent of total revenues.

Dresser President and CEO John Ryan said, “Joining the GE family will enhance our company’s capability to provide best-in-class energy technologies to a much broader segment of the energy sector. Our employees have worked hard to build a world-class reputation and we are confident that our tradition of putting the customer first will continue to be the standard. Today’s announcement marks the beginning of a great opportunity for our customers and employees as we put these two 100+ year old companies together and create new paths for growth and innovation.”

GE’s energy business provides a comprehensive range of solutions across the energy value chain, from supply and conversion to delivery, utilization and services. “Dresser is a great fit for the GE business model,” said John Krenicki, Vice Chairman of GE and President and CEO of GE Energy. “Dresser has a global franchise and brand with 60 percent of revenues outside of North America which will be accelerated by GE’s global footprint. Through the acquisition we will bring to bear our focus on research and development to Dresser’s highly-engineered custom solutions and create an opportunity for Dresser’s 6,300 talented employees to dramatically expand their businesses.”

“We would like to express our sincere appreciation to John Ryan and the entire Dresser management team for the unprecedented levels of success achieved by the company in recent years. Dresser and GE are both world-class companies and storied franchises with market-leading products,” said John Lancaster, Managing Director at Riverstone.

More than 85 percent of Dresser’s revenues are derived from energy customers on a global basis. “With such complementary businesses and the focus on innovative technology, this combination will allow the realization of enhanced growth opportunities for both the company and its employees,” added Jeff Quake, Director at First Reserve.

Morgan Stanley acted as exclusive financial advisor to Dresser on this transaction.